In November, Bitbuy declared itself first among Toronto Stock Exchange-listed crypto-trading platforms “to receive approval from applicable Canadian securities regulators to offer staking to Canadian investors.”
The WonderFi subsidiary officially launched the crypto service on its platform later in the month.
“Now more than ever, it is critical for Canadians to have access to products offered by local, registered trading platforms,” stated WonderFi President and Interim CEO, Dean Skurka. “We have seen an amazing response to being one of the first registered crypto trading platforms to offer Canadians the ability to stake their crypto assets.”
The Canadian Securities Administrators agrees that “regulatory oversight plays an important role in investor protection” though warns that the “value and liquidity of crypto assets are highly volatile,” which means regulation cannot entirely mitigate risk.
As for staking, “Crypto assets associated with proof-of-stake blockchains such as Solana and Ethereum may be bonded to the protocol to help validate transactions and secure the network in exchange for receiving additional crypto assets as a reward,” Bitbuy explains.
This week Toronto-born Bitbuy revealed that 10% of active users enrolled in Staking within the first 10 days of launch. More than 1,000 Ethereum coins have been staked, according to a statement from the company.
To help Canadians determine stake from sizzle, Skurka is leading an “Intro to Staking Webinar” this week along side Figment CEO Lorien Gabel. Figment is a provider of blockchain infrastructure for institutions with billions of dollars of assets staked to their validators.
“With our staking offering now in market, we are focused on educating Canadian crypto investors on how staking can be utilized, which is why I’m going to lead Bitbuy’s first Intro to Staking Webinar,” Skurka said.
Skurka and Gabel will aim to cover several topics surrounding the concept of staking, from breaking down common terms to covering misconceptions. The webinar is live on December 15.